Musk discusses Twitter makeover

A billionaire plans to create an "everything app" that will merge consumer finance and blogging features.

Elon Musk has explained Twitter's sudden rebranding to 'X'. The billionaire aims to broaden the social media platform's capabilities beyond micro-blogging. Musk intends to transform it into a finance hub and messaging platform.

Elon Musk made significant changes to Twitter on Monday. He replaced the well-known bird logo with an X symbol and announced on Twitter that the domain X.com now redirects to Twitter.com.

The billionaire said he bought Twitter to transform it into a comprehensive app similar to popular Asian apps like WeChat within five years. According to X, they would provide various services, including banking, shopping, texting and calling, travel booking, stock trading, and more.

In the future, we plan to include extensive communication features and the capability to manage all your financial needs in one place. Elon Musk tweeted that the Twitter name doesn't make sense in that context.

On Sunday, the billionaire revealed plans to replace the Twitter brand and remove all bird-related elements eventually. He shared a picture of the new X branding projected onto the side of Twitter headquarters in San Francisco.

Getting a second chance to make a significant impact is uncommon, whether personally or professionally. Twitter has had a considerable impact on communication, revolutionizing the way we interact. According to Twitter CEO Linda Yaccarino, X will continue to make significant changes, ultimately transforming the global town square.

Twitter, established in 2006, has used its well-known blue bird logo for over ten years.

Last year, Musk acquired the social media platform for a hefty $44 billion. The decision to transition to X has sparked controversy among market players.

According to Wedbush analyst Dan Ives, Musk has the potential to transform Twitter into a super-app successfully. However, this transformation will take time and will take time. The user approved Twitter's strategy but needed clarification on the decision to replace the iconic birdie logo.

Super-apps, like Tencent's WeChat, are gaining popularity in Asia. These apps provide a range of services combining consumer finance and interaction aspects.